Senior Care Centers Drags Down Sabra’s Q1, But Optimism Remains — With Addiction as Next Frontier

A sizable real estate impairment charge related to the bankrupt Senior Care Centers contributed to a $77.7 million first-quarter loss for Sabra Health Care REIT (Nasdaq: SBRA), but executives remain upbeat that the changes coming to skilled nursing this fall will boost fortunes industry-wide.

The real estate investment trust (REIT) took a $103 million impairment charge primarily associated with the Dallas-based SCC, which filed for bankruptcy last year, amid a larger push toward divesting almost all of its Senior Care Centers skilled nursing facilities.

That number was higher than the originally projected $69 million, in part due to the Irvine, Calif.-based Sabra’s decision to sell off more properties than anticipated. The charge also included the effects of lingering storm damage from Hurricane Harvey in the Houston region, CEO Rick Matros said on the company’s first-quarter earnings call Thursday.

Full story at Skilled Nursing News